The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1887-03-29
The Mutual Telephone Co.

On Thursday, at 10 a. m, special meet
! ing by order of Hon. H. A. Widemann, Pre-
sident of the Mutual Telephone Company,
1 was convened at the rooms, corner of Mer-
chant and Alakea streets, Hon. H. A.
! Widemann presiding. A large number of
| shareholders were present, representing over
| 1000 shares.
The minutes of the last meeting we're read
! by the Secretary and Treasurer, Mr.. A.
Jaeger, and approved.
By request of the President, Mr.. II. Mac
farlane read the Auditors report, viz:
To the President and Directors of the
Mutual Telephone Company-Gentlemen l
beg to hand to you herewith my report upon
the condition of the books of the Mutual
Telephone Co. (having examined them from
the date of the company's organization,
and which in brief is as follows
Cash Book.-I have checked every item
therein charged and find accompanying such
charges proper voucher, and all footings
and extensions were found correct. find
that of the capital stock, say $4,000, there
has been sold as represented by four different
assessments on the books $4,000, leaving
balance unissued of S17,940. The disbursing
of the moneys so received is duly accounted
for, and vouchers for same are in hands of
the Treasurer.
Journal and Ledger.-Entries in these
books have all been found in order, the
ledger balancing.
Time and Labor Book.-The amounts paid
out for labor and salaries have had the ap-
proval of the General Superintendent, and
agree with the amounts charged 10 labor &C
count in the cash book.
l have suggested to your Treasurer that
the time of both operators and outside labor
be entered upon one book, instead of two, as
is the practice ROW, as it will facilitate very
much the checking off of labor account. The
statement of assets and liabilities, as pre-
sented by your Treasurer, has been exam
ined and found correct in every respect.
Before closing, wish to say that can
find no charge from the time of the COM
pany's organization up to date for services
of Treasurer. and this fact thought best to
bring before you. l remain, gentlemen,
yours respectfully, S. NJ. DAMON, Auditor.
Hon. h. A. Widemapn addressed the meet
ing at some length, stating that he had called
1t solely on his own responsibility, to have
the company state what 1t was willing to do
IL view of a notification by the Bell Tele-
phone Company reducing its rates to point
below which the Mutual could not 90. A
number of propositions had been prepared
by him to be submitted for the stockholders
to act on. He also stated that the condition
of the company was highly satisfactory, and
that there were now some seventy. orders for
new instruments, which cannot be filled at
present.
printed copies of the propositions to be
adopted, which were as follows:
A reserve fund of $4,000 is hereby author
lied and established under the control and
management of the Board of Directors.
The maximum charge for telephone in
struments in Honolulu shall be 81 per month
for mercantile and other Offices, and So per
month for private houses. This rate is
hereby established for the term of three
years, and shall not be increased after that
time unless it be by a vote of three-fourths
of all the stockholders. The Board of Di-
rectors shall have the right and authority at
any time to decrease this rate.
At the division of the net income Of the
company, II per cent. per annum shall be
paid to stockholders on the amount of their
stock, and then dividends shall be declared
by the Board of Directors to instruments of
the company In use," which, after some de.
bate by the gentleman present. were adopted.
1t was explained by the President that
these additions to the Company's bylaws
did not contemplate a rise in the charge for
the use of the instruments, but as a maxi
mum rate beyond which there would be no
increase. The Directors could decrease the
cost of instruments if they deemed it ex-
pedient. The President characterized the
recent attempt at reduction by the Bell Tele-
phone Company as the entering wedge to
eventually create monopoly, by removing
all competition from the field, and then to
recoup the losses by an increase of charges.
1t was mainly for this object that the meet
ing of the stockholders had been called
and he thanked them for cordially sup
porting such additions to the bylaws as he
deemed beneficial to the best interests of
the company.
After passing the following resolution, the
meeting adjourned: THAT all shares not
issued up to this date shall be offered at par,
in lots not exceeding fifty, to any one person,
up to the date of the next annual meeting"